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San Joaquin Hills Board Of Directors Approves FY2009 Budget

Board votes to implement 25 cent toll increases at toll plaza and some ramps.

IRVINE, Calif. (June 19, 2008) -- The Board of the San Joaquin Hills Transportation Corridor Agencies today approved a Fiscal Year 2009 budget totaling $139.5 million, of which 80%, or $112 million, will be used for debt service and debt expenses on the Agency's bonds.

Total revenue for the Agency - from tolls, development impact fees, FasTrak account maintenance fees, toll violations penalties, interest earnings, and other income - is budgeted at $142.2 million, with $94.5 million of total revenue coming from tolls.

The budget includes toll rate increases of 25 cents at the Catalina View mainline toll plaza as well as at the La Paz Road, Aliso Creek Road and Bonita Canyon Drive ramps. There are no toll violation fee increases. Based on the budget, the San Joaquin Hill's Agency's debt coverage ratio is 1.31, which means that the Agency anticipates collecting $1.31 of net toll revenue for every $1 of debt service. The Agency's bond indentures require a minimum coverage ratio of 1.30.

The Foothill/Eastern Transportation Corridor Agency approved a budget for fiscal year 2009 on June 12.

ABOUT TCA

About 300,000 trips are taken on The Toll Roads every weekday. The Toll Roads are operated by the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies, two joint powers authorities formed in 1986 to plan, finance, construct, and operate Orange County's 67-mile public toll road system. Fifty-one miles of the system are complete. More info: www.thetollroads.com.